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Section 13(3) : ITAT upheld exemption to trust who received grant from ABN AMRO Foundation & RBS Bank India

ADIT (E)-II(1) Vs. M/s. RBS Foundation India (ITAT Mumbai)

ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with [&he...

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TP: Purchase of Shares of AE can’t be regarded as International Transaction

M/s. TCG Lifesciences Pvt. Ltd. Vs. DCIT (ITAT Kolkata)

When the transaction of purchase of shares are held to be outside the purview of the provisions of Sec.92 of the Act, we fail to understand as to how the excess price paid for acquiring shares can be treated as a deemed loan and an international transaction. We therefore find no merits in the argument advanced by the learned DR....

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Oppression And Mismanagement under Companies Act, 2013

Instances which can be termed as mismanagement 1. Preventing directors from functioning 2. Violations of statutory provisions 3. Violations of provisions of MOA & AOA of the company 4. Misuse of funds etc...

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Posted Under: Income Tax |

SC extends deadline to Link Aadhaar for all schemes / Services except with PAN to 31.03.2018

Justice K S Puttaswamy (Retd ) And Anr Vs. Union Of India And Ors (Supreme Court Of India)

1. SC accepted the submission of Government which has stated that (i) The Union government has extended the deadline for Aadhaar linkage with all schemes of its Ministries/Departments until 31 March 2018; (ii) As far as Aadhaar linkage with bank accounts is concerned, for existing bank accounts, the last date for the completion of the pro...

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Banks demand Increase in TDS limit for Bank interest from current Rs.10,000

It was suggested that TDS limit for Bank interest should be raised from the current Rs.10,000/- especially for senior citizens and pensioners given the current scenario. The limit of Rs.10,000/- was last set in the year 1997. ...

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Posted Under: Income Tax |

Recent changes and its impact under GST on supplies made to Merchant Exporter

Merchant Exporter means a person engaged in trading activity and exporting or intending to export goods. Merchant exporters are instrumental to boost exports which contribute to growth of Indian economy. ...

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Posted Under: Income Tax |

Vacancy for Credit Control Manager

Vacancy for the post of Credit Control Manager for A Company Based in Mumbai involved in Manufacturing and Trading of Goods. Candidates should be either CA, CS, CMA or MBA finance with 15 to 20 Years of working experience. ...

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Posted Under: Income Tax | ,

Share transaction via stock exchange evidenced by broker’s note not Bogus unless revenue prove otherwise

Sri Lal A. Khemani Vs. The Income Tax Officer (ITAT Hyderabad)

Sri Lal A. Khemani Vs. ITO (ITAT Hyderabad) There is no dispute that assessee had purchased shares through stock exchange as evidenced by the broker’s note and also sold through stock exchange by way of another broker’s note. Both of which contain the transaction details, time of transaction along with STT paid. There is no […]...

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TDS on AMC of medical equipments by Hospital- Section 194C or Section 194J?

ITO Vs. Balabhai Nanavati Hospital (ITAT Mumbai)

Expenditure on account of AMC of medical equipments etc., is not in the nature of fee for professional and technical services as construed under section 194J of the Act and hence, not liable to deduct TDS under section 194J of the Act. The assessee has deducted TDS under section 194C of the Act in regard to payments on AMC of medical equi...

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Pre- Budget Memorandum 2018- Indirect Taxes

Service Tax 1. Transition provision for tax paid on receipt basis Rule 6 of Service Tax Rules, 1994 provides that in case of such individuals, partnership firms and one-person companies whose aggregate value of taxable services provided from one or more premises is Rs. 50 lakhs or less in the previous financial year, the service […...

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Posted Under: Income Tax |
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